Financial services giant JP Morgan, US technology and consulting firm IBM and financial services company Wells Fargo are set to acquire large highend office spaces in Telangana‘s capital city months after Apple, Google and Amazon chose HYDERABAD for their second-largest global development centres.
Four persons from global property consultancies and Telangana government in the know of the transactions told ET that JP Morgan and IBM were acquiring highend office space at a property coming up in a special economic zone in the city. Wells Fargo, with presence in Hyderabad for nearly a decade, recently sealed the deal for 0.2 million sq ft and construction of office space is now in progress.
They said a few information technology and financial services firms currently with operations in Bengaluru were also looking to acquire office space in Hyderabad for expansion given the saturation of high-end office space and infrastructure constraints.
IT’S ALL HAPPENING HERE
While JP Morgan is on the verge of signing the deal to acquire the office space of close to a million square feet, among the highest by global investors till date, IBM has recently completed the agreement for 0.2 million sq ft for 15 years period at around Rs 110 crore.
Healthcare products giant Novartis with 1.2 million sq ft space and global audit firm Deloitte with nearly one million sq ft space are among the top acquirers of highend office spaces in Hyderabad.
“JP Morgan is looking at strengthening its customer service and back-office support staff capabilities in India and is investing around Rs 500 crore for leasing the office space for nearly ten years in the Phoenix SEZ, a joint venture between Embassy group and Phoenix group, building around 7 million sq ft of office space involving Rs 2,000 crore of investment,” said a top official of a property consultancy firm, requesting anonymity. “JP Morgan has presence in Hyderabad for several years with three offices, involving around five-million sq ft space housing around 4,000 staff. It will now shift all its staff and Hyderabad operations to new location, which also enables it with ample space to more than double the headcount,” said the same executive.
Though JP Morgan declined to comment and IBM did not respond to ET’s mail seeking details on the deal, Telangana’s IT secretary Jayesh Ranjan, while refusing to divulge details, said a formal announcement would be made shortly.
Via: ET – Read More
Tags:
Connect With Us
Related Posts
- Real Estate Act comes into effect: 10 things you need to know about new law ( May 4, 2017 )
- Expats Living in Comfort – Hyderabad, India ( May 4, 2017 )
- An Apple in Hyderabad’s IT Garden: CEO Tim Cook’s big announcement Today ( May 19, 2016 )
- Hyderabad May get Disneyland Park ( April 22, 2016 )
- Indian Office Space Absorption Up 11% in Q4: Survey ( April 13, 2016 )
- Cognizant plans to add 8,000 people at Hyderabad facility ( March 9, 2016 )
- Ranked 139 in world, Hyderabad is Best Indian City to Live in ( February 24, 2016 )
- The Platina – Exclusive Commercial Space, Hyderabad ( February 19, 2016 )
- Apple, Inc set to open new $25 million Tech Center in Hyderabad, India by June ( February 16, 2016 )
- TCS seals the deal for India’s largest office space in Thane ( January 30, 2016 )
Recent Posts
Recent Comments
Archives
- February 2018
- October 2017
- May 2017
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- July 2011
- June 2011
- May 2011
- March 2011
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- May 2010
- April 2010
- March 2010
- February 2010
Leave a reply